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Apollo Management Unit
Agrees to Acquire MTL Inc.

a Wall Street Journal Staff Reporter

Updated Feb. 12, 1998 12:01 a.m. ET

NEW YORK -- An affiliate of Apollo Management L.P., a New York-based buyout firm, agreed to acquire MTL Inc. in a purchase valued at about $195 million, or $40 a share, plus the assumption of $54 million in debt.

Shares of MTL, a Plant City, Fla., operator of tank trucks, jumped $9.75, or 34%, Wednesday, closing at $38.75 in Nasdaq Stock Market trading. Under terms of the transaction, MTL shareholders will receive $40 for each of the...